Scheduled to open in 2019, the 290,000-square-foot facility was designed by architect Renzo Piano and Gensler as a permanent home for the Academy's collection of motion picture memorabilia and artifacts. It is partially built into the shell of a former May Company department store at Wilshire Boulevard and Fairfax Avenue, which is being renamed the Saban Building in honor of one of the museum's principal donors. The 1939 Streamline Moderne landmark will host the facility's primary exhibition space.

The project is highlighted by the addition of a glass and concrete sphere, hovering at the back of the property. The new construction includes two theaters - a 1,000-seat showcase venue and a smaller 288-seat room - as well as a domed terrace space.

Fundraising for the museum has now surpassed $288 million, or roughly 75 percent of its ultimate goal.